Connect with us

Business

Gold rate sees minor slide from record high

Published

on

The price of gold in Pakistan decreased slightly Friday from an all-time high reached yesterday after the rate declined in the international market.

However, the price of silver increased to a record high.

The price of gold (24 carats) declined by Rs100 per tola and Rs86 per 10 grams to reach Rs218,700 and Rs187,500, respectively, according to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of gold in the international market decreased by $17 to settle at $1,984 per ounce.

The gold rate has been on a steady uptrend in Pakistan, as economic fundamentals weakened, the rupee depreciated and inflation soared to record highs. During such times, people prefer to buy the precious metal to protect themselves against inflation and currency depreciation.

The rupee had fallen to an all-time low of Rs288.43 against the US dollar in the interbank market on April 11. While it has recovered since then, the US dollar continues to trade above Rs280.

On Friday, the rupee gained Re0.08 or 0.03% against the US dollar in the interbank market, data released by the State Bank of Pakistan showed.

Another reason for the increased gold demand is the delay in an agreement with the IMF for a desperately needed economic bailout, without which the country risks default.

The delay in the revival of the IMF programme negatively impacts the currency market which, in turn, bolsters the demand for gold.

Data shared by the association showed that the price of silver rose by Rs30 per tola and Rs25.72 per 10 grams to reach Rs2,600 and Rs2,229.08, respectively. 

Business

ECC Convenes in Islamabad: Forum Sanctions Spa Agreement Between PSO and SOCAR Azerbaijan

Published

on

By

Pakistan State Oil and SOCAR Azerbaijan have signed a sale purchase agreement for the delivery of petroleum products, which has been approved by the Cabinet’s Economic Coordination Committee.

The Finance Minister Muhammad Aurangzeb chaired the ECC meeting in Islamabad, where the permission to this effect was granted.

The Ministry of Energy’s Circular Debt Management Plan for FY 2024–2025 was also authorized by the conference. Its goals are to improve financial sustainability and lower liabilities in the power industry.

The committee examined the situation with the increase in prices for chicken and pulses. In order to offer the general public with relief as soon as possible, it expressed worry about the situation and requested that the National Price Monitoring Committee keep an eye on it in cooperation with the Ministry of National Food Security and Research and the Provincial Administration.

Continue Reading

Business

Pakistan has reduced its policy rate to an all-time high.

Published

on

By

There has been a significant decrease in the policy interest rate that Pakistan has implemented. The country’s central bank made the announcement on Monday that it will be lowering interest rates by 250 basis points, bringing them down to 15 percent. This was a record-breaking reduction in Pakistan’s policy rate, which was done with the intention of bolstering the economy, which had been struggling.

Following a significant decrease in Pakistan’s inflation rate, the central bank made this move. It was anticipated in a poll conducted by Reuters that policy rates would be reduced by 200 basis points. There was a forty percent increase in the country’s inflation rate in May 2023, however it has since decreased to seven point two percent in October. The Ministry of Finance anticipates that inflation will continue to decline, reaching a level of between 5.5 and 6.5 percent in the month of November.

Earlier, Pakistan had reduced the policy rate by 700 basis points over the course of four separate measures beginning in June of last year. The economy of Pakistan has been in a precarious situation for a considerable amount of time. The majority of economists are of the opinion that falling interest rates is essential in order to stimulate economic expansion.

By stating that the existing monetary policy will assist stabilize commodity prices and keep inflation between 5 and 7 percent, the State Bank of Pakistan expressed its support for a reduction in interest rates. In addition to contributing to the preservation of macroeconomic stability, it will also contribute to the achievement of economic growth on a sustainable basis.

Jameel Ahmad, the Governor of the Central Bank, informed analysts at a briefing that Pakistan’s bilateral partner countries have promised the International Monetary Fund (IMF) of continuing support for the duration of their current financial recovery program. This announcement was made in conjunction with the announcement of the policy rate decline.

Continue Reading

Business

The stock market rises to all-time highs and crosses the 92,000-point mark.

Published

on

By

The primary index hit the crucial 92,000-point benchmark as the stock market soared to new all-time highs.

A significant increase was made by the hundred-index, which closed at 92,351 points after rising 414 points.

According to analysts, this increase is the result of a resurgence of investor confidence, which has been supported by strong mood in international markets and solid economic indications.

With predictions for more increase as market stability improves, the most recent surge highlights a robust recovery trend.

The market fell from previous record highs due to selling pressure, causing the Pakistan Stock Exchange to see a steep dip earlier today.

The benchmark 100-index ended the trading session down after originally rising 572 points to an all-time high of 92,514 points.

The market finished the day at 91,660 points, down 278 points, unable to hold the 92,000-point threshold after hitting spectacular highs.

Analysts point to investor profit-taking as a contributing factor in the decline, indicating a cautious attitude in the market following recent advances. The market is becoming more volatile, and investors are paying close attention to patterns.

Continue Reading

Trending